Cape real estate prices up as inventory mostly shrinks

Friday

May 19, 2017 at 3:01 AM

New data from Cape Cod & Islands Association of REALTORS® shows 403 homes sold in April, including 325 single-family homes and 78 condominiums.

Median sales price was $399,125 for single-family homes and $273,500 for condominiums. Last April, 479 homes (388 single-family homes and 91 condos) sold at a median price of $365,000 for single-family homes and $268,000 for condominiums.

Year-to-date, 1,129 single-family homes have sold for a median price of $380,000 and 256 condominiums have sold for a median price of $251,750 – compared to last year through April, when 1,109 single-family homes had sold for a median price of $352,000 and 280 condominiums had sold for a median price of $265,000.

“All in all, prices are in on the rise while pending sales are falling from the same period in 2016. Inventory has continued to stay at historic lows and this is exerting upward pressure on prices as buyer demand continues to stay strong,” a spokesman for the association said. “This has been the trend for several months now and it shows no signs of slowing down.”

Sales pending at the end of April included 362 single-family homes and 78 condominiums – a 17.7 percent decrease for single-family and a 23.5 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last April, there were 440 pending single-family homes and 102 pending condominiums.